Tirupati Forge Ltd

tirupati forge

About the Company:

Tirupati Forge Limited is an ISO 9001:2008 certified Company engaged in manufacturing of closed die forged products like auto component, bearings, gears, etc

Company’s Manufacturing facility is located at Hadamtala Industrial Estate, Rajkot, Gujarat.

Company was initially set up to cater the requirements of international market mainly to United States of America and gradually, we have started exporting our products to Italy, Morocco, etc and domestic market.

Company’s major market is United States of America where bulk stockist purchases their products and sells it to industrial customers worldwide.

Company’s products are used by automobile industry, refineries, oil pipelines, etc.

Company’s facility is equipped with CNC machines which enable them to supply products based on internationally recognised standards.

For the financial year 2016-17, revenue from exports was 28.47% , while revenue from domestic sales was 71.53%

Management Team:

  1. Mr.Hitesh Thummar (Designation: Chairman and Managing Director)
  2. Mr.Ajay Sardhara (Designation: Whole Time Director)
  3. Mr.Bhavesh Barsiya (Designation: Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Hitesh Thummar 7,39,000 10.20
Ajay Sardhara 38,400 NA
Bhargavi Thummar 11,04,200 10.12


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Hitesh Thummar 18.42% 12.72%
Ajay Sardhara 0.96% 0.66%
Bhargavi Thummar 27.52% 19.00%
Promoter-Group Entities           51.82%         35.77%
Total 98.72% 68.15%


Objectives of the Issue:

  • Working Capital requirements.
  • Repayment of Loan.
  • General Corporate Purpose.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital requirements 2.94
Repayment of Loan 1.25
General Corporate Purposes 0.38
Net Proceeds 4.57


Check IPO Allotment Status:

Link Time Website



Financials of the Company:

(in Crores) FY 14 FY 15 FY 16 FY 17
Revenue 7.03 30.36 18.27 16.36
Net Profit (-0.006) 0.70 0.17 0.50


Valuation of Peer Group Companies:

Company Name Face Value CMP EPS PE Ratio RoNW NAV
Tirupati Forge Ltd 10 29.00 2.01 14.43 18.65% 10.78
Ramkrishna Forging 10 556.85 6.64 83.86 0.04% 171.05
M M Forgings 10 600.10 35.97 16.68 0.14% 260.00
Sanghvi Forging Ltd 10 37.35 (-15.12) NA (-1.05%) 14.51


IPO Details:

Details Info
Issue Opens on 29th September 2017
Issue Closes on:. 4th October 2017
Issue Price Rs.29
Face Value Rs.10
Minimum Lot 4000
Minimum Investment Rs.1,16,000
Issue Constitutes 30.97%
Issue Size Rs.5.22 cr
Market Cap Rs.16.85 cr
Listing at NSE SME
Equity Shares Offered 18,00,000
Equity Shares Prior 40,12,000
Equity Shares after the issue 58,12,000


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
2.01 14.43 18.65% 10.78


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Avoid NA NA